CU 2.0 Podcast Episode 292 Nook and How to Build Better Member Relationships

Podcast Guest

Kirk Kordeleski, onetime CEO at Bethpage Federal Credit Union, said it and his endorsement in a Credit Union Times article was so glowing that I knew I had to talk with Austin Wentzlaff, CEO of startup Nook.  said Kordeleski: “I firmly believe that Nook is at the forefront of something truly exceptional for the credit union industry.

Drawing from my experience as a former credit union CEO, I can attest that every credit union grapples with similar challenges related to member loyalty and engagement – precisely the issues that Nook was established to address.”  

Just what is Nook?  It’s a content serving platform that helps credit unions build closer relationships – and maybe sell more pertinent products to – select consumer groups.

Once upon a time credit unions had intimate ties with members and genuinely knew a lot about them.  When every member – and board member – worked at XYZ factory or newspaper or school it was rather easy to know them.

Nowadays, as more credit unions have community charters and the SEG based institutions often have dozens of very different SEGs it’s gotten harder to know thy members.

The degree of difficulty has escalated further as financial services have transitioned from in person transactions to remote, digital interactions.

Nook’s aim is to use digital tools to build the same kind of strong ties credit unions used to have.

Nook’s current clients include Dort Financial Credit Union ($1.6 billion, Grand Blanc, Mich.) and TopLine Financial Credit Union ($792 million, Maple Grove, Minn.)

And it’s looking for more.

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